• Dhanalakshmi Bank Car Loan

    Dhanlaxmi Bank Ltd is an old private sector bank headquartered in Thrissur City, Kerala, India. The bank was focusing mostly on Southern states like Karnataka, Tamil Nadu, Andhra Pradesh and Kerala. Dhanlaxmi Bank with its rich heritage has earned the trust and goodwill of clients. It is due to their strong belief in the need to seek innovation, deliver best service and demonstrate responsibility, that they have grown from strength to strength. car loans is the ideal way to finance your new set of wheels. Now you can acquire your favourite small car, sedan or luxury vehicle with flexible repayment options. Read on to learn about the car loan eligibility and documentation requirements for the Dhanalakshmi car loan.

    Documentation needed to apply for an Dhanalakshmi Bank Car Loan

    • 1. Residence proof
    • 2. Photo ID and age proof
    • 3. Signed application form with photograph
    • 4. Last 6 months bank statement
    • 5. Documentation for salaried applicants:
      • Last 3 months salary – slips
      • Form 16 or Income Tax Returns
    • 6. Documentation for self-employed applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

    Dhanalakshmi Bank Car Loan Interest RatesUpdated on 06 May 2021

    Dhanalakshmi Bank Car Loan Details
    Interest Rate 9.75% to 10.00%
    Processing Fees 1% of the loan amount
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 2% + GST of Principal Outstanding

    The above mentioned interest rates are subject to change as per the revised GST rates.


    Overview About Dhanalakshmi Bank Car Loan:

    Dhanalakshmi Bank Ltd was conceived in 1927 and currently has 280 branches. It is headquartered at Thrissur city and offers products and services to meet all your financial needs; including credit cards, mortgage, investment banking etc. In the loans category, car loans is one of the options which is provided at competitive interest rates and flexible repayment options. Customers can opt for new or used car loans in a quick and hassle free process.

    Why choose Dhanalakshmi Bank Car Loan?

    It’s really no wonder that customers keep coming back to Dhanalakshmi for all their financial needs. When you choose Dhanalakshmi Bank for a car loan, you get to enjoy the many benefits like hassle-free documentation, flexible repayment etc. You can also get upto 95% financing for the car of your dreams.

    Features of Car LoanDhanalakshmi Bank

    Flexible Repayment Tenure

    The loan amount and interest charges can be repaid in up to 84 EMIs. An unique feature from Andhra bank is the option to also make the repayment in quarterly/half yearly/yearly basis. This kind of flexibility ensures that you get to choose a term of your choice, as per your budgeting requirement.

    Simple Documentation

    With just basic documents to meet the KYC guidelines along with paperwork relating to the proposed car, the application process is largely hassle free.

    Funding

    • For a new car: 95% of the Ex showroom cost (or) 85% of the On road cost (Ex showroom cost+ Registration + Insurance + Road tax)
    • For a used car: 60% of the value of the vehicle, as valued by the approved representative of the Bank

    Dhanlaxmi Bank Car Loan Interest Rates

    Dhanlaxmi Bank has set the MCLR at a benchmark rate which is effective from 7th May, 2016, for the Dhanlaxmi Bank Car Loan. New borrowers will be levied interest based on this system. Existing Dhanlaxmi Bank car loan borrowers have the option to continue with the interest based on the Base Rate or to migrate to the new MCLR lending rate system. MCLR rates are subject to change from the next reset date, as per RBI regulations. The tenure based MCLR rate is as follows:

    Tenure Rates of Interest Rate of Interest (%) p.a.
    Overnight MCLR 10.05%
    2 days - 1 month 10.05%
    More than 1 month - 3 months 10.05%
    More than 3 months - 6 months 10.35%
    More than 6 months - 1 year 10.45%
    More than 1 year - 2 years MCLR 10.50%
    More than 2 years - 3 years MCLR 10.80%
    More than 3 years - 5 years MCLR 11.00%
    More than 5 years 11.20%

    The existing Dhanlaxmi Bank Car Loan Base Rate = 11.40% per annum.

    Eligibility Criteria for a Car Loan from Dhanalakshmi Bank

    Salaried employee:

    • Applicant must be atleast 21 years of age
    • Maximum age of Applicant at loan maturity is 60 years
    • Should have documents proving that the applicant has a minimum annual income of Rs. 1,20,000/-
    • Must be employed for at least one year in current employment and should have at least two years of work experience in total.

    Self-Employed / Professionals:

    • Applicant must be atleast 21 years of age
    • Maximum age of Applicant at loan maturity is 65 years
    • Should have documents proving that the applicant has a minimum annual income of Rs. 1,20,000/-
    • Should be in the same business for a minimum of three years

    Private Limited Company and Public Limited Company:

    • Should have documents proving that the applicant has a minimum annual income of Rs. 1,20,000/-
    • Should be in the same business for a minimum of three years

    How to calculate EMI onDhanalakshmi Bank Car Loan

    It is a good idea to figure out the EMI before you sign your name on the cheque so you will have an idea of what exactly you are getting into. It also helps in choosing the best terms. It is easy to calculate the EMI using the car loan EMI calculator under the Finance Tools section in Bankbazaar.com.

    First you should have at hand the following details: the loan amount, Rate of interest, proposed tenure and processing fee (if any).

    1. Go to Slider 1 to choose the Loan amount. Go to slider 2 to choose the tenure.
    2. In the following fields enter the interest rate and processing fee.
    3. Click on the “Calculate” button to get a detailed result which includes the EMI amount and Amortisation table. You can use these key details to make your decisions.

    Dhanalakshmi Bank Car LoanFAQs

    1. What are some of the other charges that I would need to pay?
      • The processing fee for both new and used car is 1% of the loan amount.
      • The foreclosure charges is 2% + ST of Principal Outstanding
      • Cheque Bounce charges is Rs 500/- + ST
      • NOC issuance charges is NIL for 1st issuance, then it is Rs 500/- + ST
    2. Are there any Nonrefundable fees or Part Prepayment Charges?

      No, there are not any Nonrefundable fees or Part Prepayment Charge

    3. What are the documents required to apply for a car loan?
      • Application Form that is duly filled.
      • Passport size colored photographs
      • Identity proof (Passport copy/ Driving License/Pan Card/ Voters ID card/ Employee ID Card (If employed with PSUs/ MNCs/ Public limited companies/other government companies)
      • Address Proof (Ration Card/Telephone Bill/Electricity Bill/ Property Tax/Receipt/Life Insurance/premium receipt/Sale Agreement/Municipality TAX receipt/ /Valid Leave and License agreement.)
      • Bank Statement – Latest 06 months bank statements
      • Additionally:
        • If you are a salaried employee; Proof of income in the form of 6 months’ salary slip or Salary certificate, ITR for last 2 years and Form 16.
        • If you are a self-employed/professional; Proof of income in the form Last 3 years’ ITR and One previous year ITR with Advance tax challan of current year.
        • If you are in a partnership firm, you will need the Proof of Income in the form of Audited Financials and ITRs for last three years, as well as the Partnership Deed.
        • If you are in a private or public limited company, you will need Proof of Income in the form of Audited Financials and Last three years’ ITR. You will also need the Memorandum of Association/Articles of Association.
    4. Can the status of a Dhanlaxmi Bank car loan application be checked online?

      Yes, Dhanlaxmi Bank car loan customers can check the status of their car loan applications on the bank’s website via internet banking.

    5. Can customers apply for a Dhanlaxmi Bank car loan online?

      Yes, customers can apply for a Dhanlaxmi car loan online by entering certain personal details, loan amount, residence status and employment type.

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    Dhanalakshmi Bank Car Loan Reviews

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